Victoria Industrial Market Report Summer 2017

• As predicted, the Greater Victoria Industrial market has seen strong demand which has been fueled by the robust residential market and the continued expansion of technology, shipyards, and contractor companies supporting our very healthy economy. 

• The strong demand, which can be seen by the positive leasing activity, led to a decrease in vacancy from 4.88% summer 2016 to 2.40% summer 2017.

• The positive momentum in our market leads contractors, suppliers, and manufacturing companies projecting the next couple of years to continue to be busy, which will in turn continue to put pressure on the market as these industrial users look to expand or upgrade their current premises.

• A growing concern among these companies is their proximity to the downtown core, which is evident as the City of Victoria has the lowest industrial vacancy rate at 0.68%. As other centers start to reach capacity, we will see more built-to-suit facilities in the Sidney, Keating, and Westshore areas to meet the needs of our growing market.

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